⁍ Drugstore operator CVS Health Corp raised its full-year profit forecast.
⁍ CVS also said it was working with laboratories to cut down the turnaround time for coronavirus test results.
⁍ A shortfall of adequate diagnostic testing has hampered the U.S. response to the pandemic.
– The government is in talks with CVS to offer coronavirus vaccines to customers at the chain’s pharmacies, the company announced Wednesday. CEO Larry Merlo says CVS has been operating large-scale drive-through sites for coronavirus tests since April and has opened more than 1,800 sites across the US, Reuters reports. “What is unique for us is this intersection of testing and vaccine creates a sustainable business model,” he says. Merlo says the company could also use its digital health technology to schedule vaccinations as well once the coronavirus vaccines are available. The company, which reported better-than-expected quarterly profit, raised its full-year profit forecast to between $7.14 per share and $7.27 per share, from $7.04 per share to $7.17 per share. Excluding items, the company earned $2.64 per share, beating analysts’ average estimate of $1.93, according to IBES data from Refinitiv.
Source: https://www.reuters.com/article/us-cvs-health-results/cvs-raises-profit-forecast-in-talks-with-government-to-administer-covid-19-vaccines-idUSKCN2511G5